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China Tonghai International Financial Ltd (0952) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of China Tonghai International Financial Ltd stock HK$0.09, price HK$0.09, upside +9.0%, quality 34 out of 100. Rating: fairly valued. The value is an estimate: none of our valuation models currently carries, it draws on revenue and assets compared with similar companies. Updated daily.

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Financial Services HK · ISIN BMG2118X1056

CT China Tonghai International Financial Ltd logo Thin data Nov 10, 2026

China Tonghai International Financial Ltd

0952 · HK

The stock is already about fairly priced, weak company and falling price: meets none of the 3 rules.

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Low debt 
Fair value HK$0.0927 · Fairly valued 
Revenue last quarter 13% below a year ago. 
Quality 34/100 
Falling price (downtrend) 
Weak Growth (revenue 5y −30.4 %/yr in HKD) 
Loss-making · -130.7% net margin (FY2025) 
Negative free cash flow 
Trails peers (3/11) 
Narrow moat 15/100
Thin data 
Estimate⚠ Thinly traded⚠ Small free float
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

HK$0.4066 HK$0.0820 Fair Value HK$0.0927 Nov 2019 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 10, 2026.

How to read this chart

60‑month range HK$0.0820 – HK$0.4066 · fair‑value band HK$0.0727 – HK$0.1125 · the HK$0.0850 price screens below the HK$0.0927 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. As of Nov 10, 2026.

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Company profile

Quam Plus International Financial Limited, an investment holding company, provides various financial services in Hong Kong. It operates through Corporate Finance, Asset Management, Brokerage, Interest Income, Investments, and Others segments.

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The Corporate Finance segment offers securities placing and underwriting, as well as corporate finance and general advisory services. Its Asset Management segment provides fund management, discretionary portfolio management, and portfolio management advisory services.

The Brokerage segment offers discretionary and non-discretionary dealing services for securities, futures, and options; margin financing; insurance broking; and wealth management services.

Its Interest Income segment provides money lending services, as well as interest income arising from debt instruments measured at amortized cost. The Investments segment invests in and trades various investment products. Its Others segment offers financial media services.

It also provides investment advice; finance lending; fund investment; website management; and other related services.

In addition, the company offers brokerage services comprising private clients and institutional equities; structured finance; investment banking, equity financing, and mergers and acquisitions services; debt capital markets and capital market solutions; proprietary investment; group treasury; independent and in-depth stock and market analysis content through its website; and financial communication solutions.

The company was formerly known as China Tonghai International Financial Limited and changed its name to Quam Plus International Financial Limited in July 2023. Quam Plus International Financial Limited was founded in 1986 and is headquartered in Hong Kong, Hong Kong.

Stock analysis

China Tonghai International Financial Ltd (0952) currently trades at HK$0.0850, while our estimate is HK$0.0927, so the stock looks roughly fairly valued today (gap 8.3%).

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Valuation

None of our valuation models currently carries for this company, usually because of losses or heavy investment. The estimate draws on revenue and assets compared with similar companies and is less precise than a model-based fair value.

Scenario range: HK$0.0727 (bear) to HK$0.1125 (bull), the price of HK$0.0850 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 34/100 (below-average quality), in the Financial Services sector.

Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.

China Tonghai International Financial Ltd reported revenue of HK$181M in FY2025 versus −HK$1.8B in FY2021. Reported net income was −HK$237M in FY2025.

Key figures

Market cap HK$522M (≈ $66.6M) Micro · P/S ratio 7.27 · Net margin −131% · Return on equity −12.9% · Return on assets (EBIT) −11.9% (5-year average) · Operating margin 2.5% · Revenue (TTM) HK$76.1M · Revenue growth (YoY) −12.7%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 15 out of 100 (medium confidence).

What moves the price

The share trades about 43% below its 52-week high and 4% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −9% fair-value upside, at 9%, 0952 screens cheaper than that median.

Fair Value

Bear HK$0.0727 Fair Value HK$0.0927 Bull HK$0.1125
Price HK$0.0850 · Upside +9.0%
Estimate. None of our valuation models currently carries for this company, usually because of losses or heavy investment. The estimate draws on revenue and assets compared with similar companies and is less precise than a model-based fair value.

Quality Score breakdown

Overall quality 34/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 1
How much profit the company makes from its sales and capital
Quality Growth 7
Are margins and returns getting better?
Cashflow 0
Do the profits arrive as real cash?
Financial strength 54
Debt, balance sheet and risk of trouble
Investment 100
Does it invest with discipline instead of growing at any price?
Low Volatility 73
How calm the share price moves, does not count
Price momentum 12
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 2
Distance to the 52-week high, does not count
New shares 82
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 0/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−51.9%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−30.4%
Start year 2020 (pandemic). Over 10 years: −10.2% a year
Revenue growth 26 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+0.0%
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
20.0% (2020) → −101.4% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

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Compare China Tonghai International Financial Ltd with another stock

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Capital Markets · 454 stocks

Beats the industry median on 3/10 measures
Overall it trails its industry peers.
Valuation
Quality Score 34 · Bottom 25%
Fair Value upside +9.1% · Above median
Profitability
Return on assets −6.4% · Bottom 25%
Net margin (12 months) −130.7% · Bottom 25%
Operating margin (12 months) 2.5% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) −12.7% · Bottom 25%
Dividend yield (12 months) 0.0% · Bottom 25%
Balance sheet
Debt / equity 0.05× · Below median

Valuation Multiplesvs Capital Markets median · lower = cheaper

P/B 0.31× · Cheapest 25%
P/S (12 months) 6.87× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)45 · sector 33
FUTURE (revenue growth)0 · sector 58
PAST (return on equity)0 · sector 32
HEALTH (low debt)98 · sector 94
DIVIDEND (yield)0 · sector 46

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Capital Markets stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Morgan Stanley MS $190.65 $260.72 +37% vs 0952
The Charles Schwab Corporation SCHW $92.98 $117.60 +26% vs 0952
Guotai Haitong Securities Co 601211 ¥16.08 ¥18.02 +12% vs 0952
Nomura Holdings NMR $9.70 $10.09 +4% vs 0952
The Goldman Sachs Group GS $916.56 $831.46 −9% vs 0952
CITIC Securities Company 600030 ¥25.00 ¥20.42 −18% vs 0952
Robinhood Markets, Inc HOOD $77.86 $47.60 −39% vs 0952
Macquarie Group MQG A$244.17 A$144.90 −41% vs 0952
East Money Information Co 300059 ¥18.29 ¥6.72 −63% vs 0952
Interactive Brokers Group IBKR $81.79 $16.66 −80% vs 0952

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China Tonghai International Financial Ltd: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "China Tonghai International Financial Ltd Fair Value". https://www.fairvalue-calculator.com/stock/0952

Frequently asked questions

Is China Tonghai International Financial Ltd (0952) overvalued or undervalued?
As of Nov 10, 2026, our estimate of fair value is HK$0.0927 versus the last price from Nov 6, 2026 of HK$0.0850, about +9% upside (fairly valued).
What is the fair value of 0952?
Our estimate for China Tonghai International Financial Ltd is HK$0.0927 (as of Nov 10, 2026), built from audited fundamentals. Last price (from Nov 6, 2026): HK$0.0850.
What is the quality score of 0952?
China Tonghai International Financial Ltd has a Quality Score of 34/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for China Tonghai International Financial Ltd (0952)?
Our calculated price target is the estimate of HK$0.0927 (as of Nov 10, 2026). Cautious scenario HK$0.0727, optimistic scenario HK$0.1125. It is an estimate from revenue and assets compared with similar companies, because none of our valuation models currently carries, not an analyst target.
What is the China Tonghai International Financial Ltd stock forecast for 2026?
Our estimate puts fair value at HK$0.0927, about +9% upside versus the last price from Nov 6, 2026 of HK$0.0850 (fairly valued). Cautious scenario HK$0.0727, optimistic scenario HK$0.1125. The calculation is refreshed regularly with new filings.
What is the revenue of China Tonghai International Financial Ltd (0952)?
China Tonghai International Financial Ltd reported trailing-twelve-month revenue of about HK$76.1M (latest available figure, as of Nov 10, 2026).
What is the intrinsic value of China Tonghai International Financial Ltd (0952)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For China Tonghai International Financial Ltd it is HK$0.0927 per share (as of Nov 10, 2026), against a price of HK$0.0850.
Is China Tonghai International Financial Ltd stock overvalued or undervalued in 2026?
As of Nov 10, 2026, 0952 trades below its calculated fair value: price HK$0.0850, fair value HK$0.0927, a gap of about +9% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 0952?
No. The price is what the market pays today (HK$0.0850); the fair value is what the company's own numbers justify (HK$0.0927). For China Tonghai International Financial Ltd the two are HK$0.0076 per share apart. That gap is exactly why we show both numbers side by side.
How much is China Tonghai International Financial Ltd worth?
The market values China Tonghai International Financial Ltd at about HK$522M (market capitalisation, as of Nov 10, 2026). Per share that is HK$0.0850; our models calculate a fair value of HK$0.0927 per share.
What do the bullish and bearish scenarios say about 0952?
Our models span a range for China Tonghai International Financial Ltd: cautious scenario HK$0.0727, base HK$0.0927, optimistic HK$0.1125 per share (as of Nov 10, 2026, price HK$0.0850). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of China Tonghai International Financial Ltd (0952)?
Balance-sheet figures for China Tonghai International Financial Ltd (as of Nov 10, 2026): return on equity −12.9%, debt of 0.05 per unit of equity. They feed the Quality Score of 34/100, which measures business quality independently of the share price.
How far is 0952 from its 52-week high?
China Tonghai International Financial Ltd trades at HK$0.0850, about 43% below its 52-week high of HK$0.1500 and 4% above the low of HK$0.0820 (as of Nov 13, 2026). Distance from the high says nothing about value: that is what the fair value of HK$0.0927 is for.
Which stocks are comparable to China Tonghai International Financial Ltd?
From the same area (Financial Services) we also value Morgan Stanley, The Goldman Sachs Group, The Charles Schwab Corporation, Interactive Brokers Group, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is China Tonghai International Financial Ltd stock attractive at the current price?
The data as of Nov 10, 2026: price HK$0.0850, calculated fair value HK$0.0927 (+9%), Quality Score 34/100. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
Is it still worth investing in stocks now?
The global stock market currently sits 13.8% above its aggregate fair value. China Tonghai International Financial Ltd currently trades 8% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of China Tonghai International Financial Ltd (0952)?
The latest price we hold is from Nov 6, 2026 and stands at HK$0.0850. Our estimate is HK$0.0927, about +9% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with China Tonghai International Financial Ltd right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.

Key figures of China Tonghai International Financial Ltd

How large is the market capitalisation of China Tonghai International Financial Ltd (0952)?
The market capitalisation of China Tonghai International Financial Ltd is HK$522M (≈ $66.6M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of China Tonghai International Financial Ltd (0952)?
The price-to-sales ratio of China Tonghai International Financial Ltd is 7.27 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What is the net margin of China Tonghai International Financial Ltd (0952)?
The net margin of China Tonghai International Financial Ltd is −131% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of China Tonghai International Financial Ltd (0952)?
The return on equity (ROE) of China Tonghai International Financial Ltd is −12.9% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of China Tonghai International Financial Ltd (0952)?
On an EBIT basis the return on assets of China Tonghai International Financial Ltd is −11.9% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of China Tonghai International Financial Ltd (0952)?
The operating margin of China Tonghai International Financial Ltd is 2.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at China Tonghai International Financial Ltd (0952)?
Revenue at China Tonghai International Financial Ltd is down 12.7% versus a year earlier. How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at China Tonghai International Financial Ltd (0952)?
Earnings per share at China Tonghai International Financial Ltd are down 60.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does China Tonghai International Financial Ltd (0952) generate?
The free cash flow of China Tonghai International Financial Ltd is −HK$16.2M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does China Tonghai International Financial Ltd (0952) carry?
The net debt of China Tonghai International Financial Ltd is HK$366M (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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